Real Estate - Buying Property in Greece

Our Law office has extensive experience in Land deals.
Firstly, we can assure you that we will search and prepare everything in order
your investment is secured.

We understand the concerns of our International clients when
they buy properties in Greece and we do everything possible in order everything
is clear and safe.

Before you pay any money we highly recommend to you
to ask for a title deed search at the Land Registry office. The first step
for a Lawyer when representing his clients in a transaction, is to undertake a
search with the Land Registry Office, going back 20 years, in order to issue a
Search Certificate showing any encumbrances, mortgages, confiscation, third
party obligations. It is our law firm’s policy to provide our clients with
a written legal opinion stating the legal status of the property.

In order to buy property in Greece you need to have tax number
called "AFM". All buyers, including foreigners and permanent
residents abroad, must have a Greek tax roll number (AFM). This is issued by
the tax offices. It is free and issued on the spot. Greeks and EU citizens must
show their ID card. Foreigners living in Greece are required to present their passport
or another valid document of identification and their residence permit in order
to apply for this number. Greeks and foreigners who permanently reside abroad
can also apply for an AFM.

Please note that foreigners buying property in Greece must file “origin of
wealth” (pothen esches) documents. Anyone who buys property and does not
already file income taxes in Greece must do so in the following MONTH to declare
the amount spent in purchasing the property, on taxes and other pertinent fees.
Proof varies from a bank loan statement to a so-called pink slip in case of a
wire transfer of funds from abroad. If the buyer cannot justify the amount of
money they have spent, the Greek tax authorities will impute it as unreported
income and the buyer will be assessed income tax.

Money must be transferred in Greece only via a bank to the
individual bank account that he has been opened in Greece. In the past, any
important amount of monies transferred on his person could be declared to the
customs authorities at his point of entry into Greece, and they could issue to
him a receipt. Since 24/3/08 the customs don’t issue this receipt any
more. If he draws up money from ATM machines the bank cannot issue white
or pink slips so this money don’t account to cover the imputed income. This
means that the money has always to be transferred only through a bank. The
money must be transferred before the transaction takes place (i.e. before the
purchase of the property or the car etc.) Money that will be transferred
after the transaction is not recognized by the tax office to cover the
purchases and the tax will be charged on the imputed income.

Individuals must ask from the Greek bank for the “white or
pink slips”. The original of these documents must be handed to their accountant
to use in filling in their tax return.

The “white or the pink slips” are the most important document
for a person that comes from abroad. Are unique and in case that be lost cannot
be issued again by the bank.